No good profit is expected for the oil investment in 2017. Oil production investment is expected to likely to fall for a third year in 2017 as a global supply glut persists, stoking volatility in crude markets, the head of the International Energy Agency (IEA) said on Thursday.

For the first time need to withdraw cash sovereign wealth fund as western Europe's bigget oil exporter.

Saudi Arabia just got a negative rating from Fitch, from AA to AA-. The downgrade is due to the oil-rich kingdom's decision to slash its average oil price assumptions from $35 to $45 a barrel for 2016 and 2017.

Nigeria is suffering from fuel shortages as well as lack of hard currency. Four major oil companies agreed to finance the country’s $200 million fuel import along with the lack of the dollars to sustain the country’s fuel needs.

UAE venture capital firm BECO Capital expects that the tech sector will spur amid the slowdown in the economy due to low oil prices. Especially in the region, the firm projects that tech startups will face a significant growth as the government seek to achieve diversification to non-oil sectors.

The newly-elected managing director of the IMF, Christine Lagarde, spoke at the Global Women’s Forum 2016 regarding the global economy, especially in the wake of the China economic slowdown. Despite the prolonged slowdown, the IMF foresee that China’s lower growth was deliberate and healthy.

Asian shares fell back from a seven-week high on Tuesday as oil prices fell more than 2 percent. The sudden drop happened after the Asia-Pacific indices rose to its highest level since the beginning of the year, after seeing the rise in oil prices before reversing back.

The oil services company Paragon Offshore Plc filed chapter 11 bankruptcy after the announcement of debt plan. The main reason is to avoid protracted legal battles involving its former parent, Noble Corp.

The loss is combined from its corporate service unit and its three refineries. The total annual loss was consistent with the company's continuing monthly loss over the past year. Nigeria, as Africa's biggest economy and largest oil producer, has been greatly suffered the oil prices fall.

The rise of oil prices had brought positive growth to most of the Asian markets, except for Japan. On the other hand, European market had seen a drop. The oil prices increased overnight due to speculations that U.S Federal Reserve would possibly decide not to increase interest rates throughout 2016.